Posted on 06/11/2008 5:57:57 PM PDT by NRG1973
BEIJING, June 11 (Xinhua) -- China's oil imports posted double-digit growth in the first five months of 2008 as global crude prices more than doubled from a year earlier, the General Administration of Customs said Wednesday.
The country imported 75.97 million tons of crude oil, up 12.7 percent from a year earlier, with average prices rising 64.1 percent to 689.9 U.S. dollars per ton.
Imports of oil products jumped 17.3 percent to 17.34 million tons. Prices soared 66.9 percent to average 709.6 U.S. dollars per ton.
Analysts said booming domestic demand, notably from the severe winter and quake reconstruction, fueled imports.
Crude oil exports totaled 950,000 tons, valued at 570 million U.S. dollars, while exports of refined oil stood at 6.48 million tons worth 4.85 billion U.S. dollars.
Thanks
They are probably stock-piling it in a “strategic national reserve” as a hedge against future spikes. Hoarding is the natural response to a supply limited commodity.
You are delusional!!!
First, there isn't going to be any court in the world that would here a case against China that was based on their using too much oil.
Second, there is no charge that can be made against the Arabs for not "opening the spigots". Remember, the Kyoto Protocol calls for the world to reduce its consumption of greenhouse gases to 5% below 1990 levels. The Arabs are merely helping the world meet the the Kyoto Protocol...and no court in the world would convict them for doing so.
Third, here is a link to the Dept of Energy's inventory figures (released today). Please note that if you scroll down you will see that the crude oil inventory a year ago was 349.5 million barrels...the crude oil inventory today is 302.5. That represents a 14% inventory reduction in one year. Based on that, I would say specuilators are justified in bidding up oil prices.
http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/table1.txt
Does this come out to $.70 per gallon?
$700/ton is $.35/lb and there is 2 lb per gallon ?
No wonder they are buying so much.
I think count-your-change was being sarcastic. At lest I hope he was.
"Stop Buying Chinese" will become the next patriotic theme in this country, and it won't be either President McCain or President Obama leading that movement. Giving the ChiComms the money to compete with us in the world energy market has and will hurt our economy way more than cheap poisonous trinkets have seemed to help it the last couple of decades. We need to reverse the flow of money to the bloodsuckers that would fight us from without and within.
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China subsidizes their gasoline - it is something like $2.40 a gallon. Must be hard to keep that price level with increased Chinease consumption and $140 barrel prices. However, I’m sure they’ll be able to maintain it.
At least until after the Olympics.
Hey!!!
China can’t double their oil imports!!!
McCain and the liberal populists are going to outlaw speculation, don’t you know?
Has anybody asked these idiots how they would go about “outlawing speculation”?
Maybe Southwest Airlines could demonstrate the results by selling all of those $50/barrel contracts they purchased for the current market price? ($140/barrel)
I’m guessing that their balance sheet would look pretty sweet, at the same time they shut the doors on their airline business!
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